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Ministry Foretells Half a Billion Br Water, Energy Projects

Jul 1 , 2023

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Two projects targeting energy sources to ensure an eco-friendly and reliable power and water supply are underway with the Danish government signing a 555 million Br development plan last week. The agreement was signed between State Minister Semerta Sewasew and the Danish Ambassador, Kida Sindbjerg with plans to partner with Ethiopian Electric Power (EEP), Ethiopian Electric Utility (EEU), and the Ministry of Water & Energy. The project managers hope to enhance the utility of groundwater in Dire Dewa and Hawassa cities. The Danish government has been assisting various developmental and humanitarian programs in Ethiopia, including the WASH program launched back in 2021 by UNICEF which ought to increase access to sanitary services by 2025 for 1.6 billion Br.

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Amendment Expands Access for Foreign Traders

Foreign participation in Ethiopia's wholesale, retail, import, and export trade sectors has come under renewed focus as the Ethiopian Investment Board(EIB) approved a significant amendment to Directive No. 1001/2016  in its meeting on May 23, 2025. The amendment, proposed by the Ethiopian Investment Commission(EIC), focuses on refining the legal framework governing foreign investment in these sectors. The decision is part of a broader strategy to enhance the country's appeal as an investment...

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NBE Sets Four Percent Ceiling on Foreign Exchange Fees

The National Bank of Ethiopia (NBE) issued a new foreign exchange market directive on May 20, 2025, that caps commercial banks' forex service fees at a maximum of four percent. Banks are instructed to adapt competitive, transparent, and streamlined pricing for all forex-related services. Effective May 26, 2025, total charges for purchasing foreign exchange whether for imports, service payments, or cash note purchases must not exceed the newly set limit. The directive also prohibits banks f...

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SantimPay Launches Zero-fee Digital Remittance Platform

SantimPay has rolled out FrankRemit, first fully integrated, zero-fee digital remittance platform, in partnership with Bank of Abyssinia(BOA). The service smoothly connects all commercial banks and major mobile money providers, including Telebirr, M-Pesa, and CBE Birr which is a first of its kind in the country. FrankRemit is expected to revolutionise how the Ethiopian diaspora sends money home. Developed locally and tested over the past two weeks with successful transfers from multiple count...

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